Centuria Industrial REIT (CIP) Earnings Call Transcript & Summary

Welcome, and good morning, ladies and gentlemen. My name is Roger Dobson. I'm a Director and Chairman of Centuria Property Funds No. 2 Limited, or CPF2L, as we call it, which is the responsible entity of Centuria Industrial REIT. And in that capacity, I've been appointed to Chair this meeting. On behalf of the Board of CPF2L, I would like to welcome you to this extraordinary general meeting of unitholders or security holders of Centuria Industrial REIT, which I'll refer to as the fund. Before we begin, I acknowledge that I'm hosting this AGM from the lands of the Gadigal people of the Eora Nation. I also acknowledge the traditional custodians of the various lands on which you all work today and the average Antares trade island people participating in this AGM. We pay our respects to elders past, present and emerging. As it is passed, the appointed time for the commencement of the meeting and a quorum is present, I declare the meeting open. To minimize the health risks created by the COVID-19 pandemic, this meeting is being held as a hybrid meeting. As a hybrid meeting, unitholders are able to participate online or can attend in person. Every effort has been made to ensure that this meeting runs smoothly for unitholders. However, if any technology issues do arise, the results of the poll will be announced on the ASX announcement platform later today. [Operator Instructions] To send in a question, simply clicking the ask a question box, type your question and click the send arrow. Your question will be sent immediately for a review. I will then identify the unitholder and read out the relevant questions submitted by that unitholder. I will attempt to respond to all questions relevant to today's resolutions at this meeting. In attendance today are the directors of CPF20, Peter Done; Nicholas Collishaw; and Natalie Collins as well as Anna Kovarik, the Company Secretary; Jesse Curtis, Fund Manager; and [ Andy Milder ], returning officer from boardroom. A notice of meeting dated February 5, 2021, including explanatory memorandum and proxy form was sent to fund unitholders. And the required 21 days' notice of meeting has been given. I will take notice and the explanatory memorandum as read. The business of the general meeting is set out in the notice of meeting. We proposed to follow the order of business as set out in that notice. And I'll now move to the formal matters before today's meeting, which is really the passing of a singular resolution. The business of the meeting is to consider and, if thought fit, pass following resolution as an ordinary resolution as set out in the notice of the meeting. The resolution is ratification of a prior issue of securities pursuant to an institutional placement. Specifically for the purposes of listing Rule 7.4 and for all other purposes, security holders ratified the issue of 40,849,674 securities at an issued price of $3.06 per security pursuant to an institutional placement to raise approximately $125 million as detailed in the explanatory memorandum, which accompanied informed part of the notice of meeting. At this point, I would like to give you an opportunity to ask any questions you may have that relate to that resolution. I'll just pause there. So it doesn't look like we have any questions. So I'll move on. I mean if you've got questions after the meeting or whatever, please send them through, and we will endeavor to answer them. Voting on the resolution will be conducted by a way of a poll. On a poll, each unitholder has 1 vote for reach $1 of the value of units held in the fund. Every security holder and proxy holder participating online should have registered using the virtual meeting user guide as set out in the notice. When the poll is open, the vote will be accessible to security holders and proxy holders who are participating online by selecting the voting icon at the top of your screen. To vote, simply select the direction in which you would like to cast your vote on the resolution. The selection option will change color once you voted. There are no -- I know there are no security holders and proxy holders actually here in person today. The resolution is an ordinary resolution and will be passed if more than 50% of the votes cast are in favor of resolution. The responsible entity will disregard any votes cast in favor of the resolution by or on behalf of a person who participated in the issue referred to in the resolution or an associate of such a person. However, [indiscernible] not disregard a vote cast in favor of the resolution by, a, person as proxy for a person who's entitled to vote in accordance with the directions of the proxy -- sorry on the proxy form; b, the chairperson of the general meeting as proxy for a person who's entitled to vote in accordance with the direction on the proxy form to vote as the proxy decides; or c, a holder acting solely -- sorry, a nominee trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided following 2 conditions are met: one, beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of the person excluded from voting on the resolution; and two, the holder votes on the resolution in accordance with directions given by the beneficiary through the holder to vote in that way. I intend to vote available undirected proxies in favor of the resolution. As indicated in the notice of meeting, persons holding units in the fund at 10:00 a.m. on Monday, the March 8, 2021, were taken to be fund unitholders for the purpose of determining voting entitlements at this meeting. The proxy votes received for the resolution as far as we have the information are as follows: in favor, 283,648,064 or 99.54% of those voted against 291,463 or 0.10%, open 1,014,217 or 0.36%. I now call for a poll on the resolution. So unitholders participating online, please complete your votes by selecting the voting icon at the top of your screen. Now as I said earlier, the results of the poll will be announced on the ASX announcement platform later today. I think that concludes the meeting. Sorry, I now declare the meeting closed, and thank you all again for attending and for showing your interest in our fund. Thank you.